OP token pops 7% following Coinbase Layer 2 announcement

Quick Take

  • Optimism’s OP was trading above $3, up 6.7% since the announcement.
  • Coinbase announced it was building its Layer 2 on Optimism’s OP Stack.

Optimism's token price soared following Coinbase's announcement that it would build its Layer 2 network on the OP Stack and become a core developer of the software stack.

OP was trading above $3 by 9:55 a.m. EST, up 6.7% since the announcement, according to CoinGecko data. The token price is now up around 22% in the past 24 hours. 

The Layer 2 protocol's token had jumped about 15% in the 24 hours before the announcement, as rumors swirled online over the protocol's involvement with Coinbase's latest announcement — spurred on by a tweet from Optimism's official account. 

Coinbase today unveiled Base, a testnet version of its new Ethereum Layer 2 network. It's designed to be running on the main Ethereum network eventually. Base is built on Optimism's open-source OP Stack. Coinbase will also join Optimism as a core developer of the OP Stack.

Through collaboration with Optimism and building the OP Stack, Coinbase plans to make Base and other chains running on the OP stack cheap, decentralized and secure, said Jesse Pollack, a senior director of engineering at Coinbase. 

Optimism echoed this sentiment, adding that it wants to bring many chains into a unified network, or the "Superchain."

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